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government must step in to ensure the state and local government. the problem detroit faced is that -- >> state, local, and tribal government. >> and tribal government. [laughter] >> okay. >> the problem with detroit, unlike many municipalities that depend on revenue from real estate tax, they run on income taxes. they never recovered from 2001. the black unemployment rate never recovered from 2001. that downturn decimated the revenue stream for the city, and it never came back. if there are banks that are too big to fail, and we have to step in to make sure they function, there are cities that are too big to fail. [applause] >> bankruptcy in one of those cities. >> yes, and so it is not enough for the administration to say, oh, we're behind you, droit. no. we said to wall street, $800 billion we're behind you, so that's being behind me. [laughter] >> okay. behind you, what are the policies? >> so, wall street caused more damage than what we have put into the budget. there needs to be a financial transaction tax because when they gamble, we lose. [applause] they have to pay
and the loss of more than half of detroit's population as a result. 8:00 eastern, booktv in prime time. tonight the focus on book fairs and festivals of the past year, including a discussion from the harlem book fair, and a look at the book, "stalin secrets," author ann romney and a book about whitty bulger. we'll -- >> i'm not some sort of anti-suburb person who thinks everyone needs to live in new york city and, you know i was very sensitive to be coming across as a sort of a espresso-sipping, condo-dwelling elitist of sometime. that is not why i did this book. i understand why people like the suburbs. i get fed up with a lot of daily life in new york city a lot. i was more drawn, the trend were so undeniable. the fact there is a shift the way suburban america perceived by people that live there is too big of a story to ignore. >> the earliest extent letter we have, dates to october 1762 and we call it the miss adorable letter because that is how john adams opens the letter. so it is john writing to abigail and he says, miss adorable, by the same token that the bearer here of sat up with laws
for the administration to say, oh, we're behind you, detroit. no. we said to wall street $800 billion we're behind you, so that's being behind me. [laughter] >> okay. mark -- [inaudible] that's behind you. what would be some of those policies? >> so wall street caused more damage than what we have put into the budget. there needs to be a financial transaction tax, because when they -- [applause] we lose. and they have to pay for cleaning up the whole mess. not just their mess, not just the mess that let them get their jobs back, get their bonuses back and then argue for a tax cut after they got their bonuses and we saved their bankrupt companies. if we saved aig that was bankrupt, we can save detroit that's bankrupt. and if aig who caused the downturn in the first place could get a bonus because it stated in their contract they had to get a bonus, then detroit city workers can get a pension just hike it said in their contract. [applause] .. which of course makes the united states different and unique from other countries in the world supporting the immigrants now no other country even comes close. but
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